Lufthansa Group posts record profits in second quarter and specifies outlook

Lufthansa Group has reported a record financial performance in the second quarter of 2023, achieving an adjusted operating profit (EBIT) of €1.1 billion. This figure almost tripled compared to the same period last year. The Group’s net income also reached a new high of €881 million, demonstrating a significant improvement over 2022. The positive results were driven by continued strong demand for air travel and high yields.

All passenger airlines within the Lufthansa Group achieved positive results, with more than 55 million travellers on board between January and June, marking a 30% increase compared to 2022. The passenger airlines expanded their capacity during the first half of the year, and the seat load factor reached 83% in the second quarter, matching pre-pandemic levels. The persistently high demand, especially in premium classes, contributed to a 13% increase in passenger airline yields.

Lufthansa Cargo and Lufthansa Technik also reported positive results, despite the normalisation of rates in the airfreight market. Lufthansa Cargo’s average yields remained significantly above pre-crisis levels, and Lufthansa Technik achieved a record second-quarter result, reporting an adjusted operating profit of €156 million.

The Group has been focused on operational stability and capacity expansion, hiring around 9,000 new employees in the first half of 2023. Sustainability remains a top priority for Lufthansa, with investments in fuel-efficient aircraft and sustainable aviation fuels. The introduction of Green Fares, a tariff that includes compensation for CO2 emissions, has been well-received by customers.

Looking ahead, the Group expects demand for flight tickets to remain high, with bookings for August to December 2023 reaching more than 90% of pre-crisis levels. The capacity expansion will continue, and Lufthansa anticipates an adjusted EBIT of over €2.6 billion for the full year 2023, making it one of the three best results in the Group’s history. The positive outlook sets the company on track to achieve its financial targets for 2024.